105% Uses in Purchase Price Clause

Purchase Price from Nonstatutory Stock Option Award Agreement

THIS AGREEMENT is made as of the day of , , (the Agreement) between SPINNAKER EXPLORATION COMPANY, a Delaware corporation (the Company), and (Director). Capitalized terms used but not defined herein shall have the meaning set forth in the SPINNAKER EXPLORATION COMPANY 2005 STOCK INCENTIVE PLAN (the Plan).

Purchase Price. The purchase price of Stock purchased pursuant to the exercise of this Option shall be $ per share, which has been determined to be not less than 105% of the fair market value of the Stock at the date of grant of this Option. For all purposes of this Agreement, fair market value of Stock shall be determined in accordance with the provisions of the Plan.

Purchase Price from Nonstatutory Stock Option Award Agreement

THIS AGREEMENT is made as of the day of , , (the Agreement) between SPINNAKER EXPLORATION COMPANY, a Delaware corporation (the Company), and (Director). Capitalized terms used but not defined herein shall have the meaning set forth in the SPINNAKER EXPLORATION COMPANY 2005 STOCK INCENTIVE PLAN (the Plan).

Purchase Price. The purchase price of Stock purchased pursuant to the exercise of this Option shall be $ per share, which has been determined to be not less than 105% of the fair market value of the Stock at the date of grant of this Option. For all purposes of this Agreement, fair market value of Stock shall be determined in accordance with the provisions of the Plan.

Purchase Price from Nonstatutory Stock Option Award Agreement

THIS AGREEMENT is made as of the day of , , (the Agreement) between SPINNAKER EXPLORATION COMPANY, a Delaware corporation (the Company), and (Employee). Capitalized terms used but not defined herein shall have the meaning set forth in the SPINNAKER EXPLORATION COMPANY 2005 STOCK INCENTIVE PLAN (the Plan).

Purchase Price. The purchase price of Stock purchased pursuant to the exercise of this Option shall be $ per share, which has been determined to be not less than 105% of the fair market value of the Stock at the date of grant of this Option. For all purposes of this Agreement, fair market value of Stock shall be determined in accordance with the provisions of the Plan.